Make the journal entry (or entries) necessary to record the following transaction: Declared and paid a $12,000

Question:

Make the journal entry (or entries) necessary to record the following transaction: Declared and paid a $12,000 cash to shareholders.

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...